And the big news from Tesla that we’ve all been waiting for is (drumrolllllllllll)…you can finance a new Model S, and they’ll give you a pretty good deal.
What Tesla is calling a “revolutionary automotive financing product” is a 63-month car loan, offered by Wells Fargo and US Bank, with a 10% down payment (with approved credit). However, there’s a twist, which makes the loan a little more like a lease – Tesla promises to buy the car back after 36 months if you desire, “for the same residual value percentage as the Mercedes S Class.” This could be an attractive feature for those who are worried about the resale value of an electric vehicle. And just in case you’re worried about the viability of the company, CEO Elon Musk is personally standing behind that guarantee.
As is typical of automakers, Tesla has offered up some highly fanciful math to make buying a new luxury sedan sound cheap. A cost calculator on the company’s web site allows you to justify your purchase to yourself by factoring in federal and state tax credits, the savings from using electricity instead of gasoline, tax benefits for those who drive their Model S for business, and even the time you’ll save by using the carpool lane and not having to stop at the gas station.